For-profit colleges have been the fastest-growing sector of higher education for years. Their business model, which relies heavily on the availability of Pell Grants and government-subsidized student loans, has allowed many of them to flourish as publicly traded companies or as sought-after holdings in the portfolios of private-equity investors. Some of that financial success is reflected in the compensation paid to top executives of the colleges’ parent companies, which they report annually to shareholders.
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